China
Regional cooperation to bring clean air to South Korea
Author: Tae Yong Jung, Yonsei
South Korea’s air quality has improved remarkably over the past 20 years. The annual average concentrations of particulate matter (PM) of 10 micrometres or less in diameter (PM10) nationwide and of PM2.5 in Seoul have decreased. The concentration of fine dust has also gradually decreased but still remains twice as high as other developed countries and the number of days with high concentrations of fine dust has been increasing.
In response, the government has implemented a variety of emergency fine dust reduction measures, such as restricting the operation of vehicles in high-density cities since 2018. But there is a limit to how much air quality can improve when such one-off measures are taken because the concentration of fine dust has already increased and is partly caused by winds blowing foreign sources in from the west of the Korean Peninsula.
The unprecedented disaster-level fine dust outbreak on 1 March 2019 led the National Assembly to call for the establishment of a national organisation for coping with dust and climate change through international cooperation. President Moon Jae-in’s administration officially launched the National Council on Climate and Air Quality (NCCA) on 29 April. Key policy measures in three major source sectors — industrial, power generation and transport — are being implemented.
The industrial sector consumes the most fossil fuel energy after the power generation sector and emits the highest amount of pollutants. Large workplaces emit 62.7 per cent of total industrial pollutants. To investigate these large workplaces, a public-private joint inspection team of over 1000 people focussed on 44 industrial complexes and densely populated areas.
Strong financial support and customised technical support teams were planned to help some small- and medium-sized businesses to reduce fine dust and harmful gases. Taking into consideration the characteristics of each industry, a concrete reduction plan by industry type was designed. Periodic evaluation and real-time disclosure of results began last December to build public trust and spur further reductions in PM emissions.
The power generation sector could be regulated through the shutdown of coal-fired plants, adjustment of operation rates and management of demand, especially during high concentration seasons. Power generation accounted for 12 per cent of South Korea’s total fine dust emissions in 2016, mostly from coal-fired power plants. The government is working to eliminate old coal power plants, reduce operation of all coal power plants and promote policies to prohibit the construction of new coal power plants in favour of liquefied natural gas (LNG) instead. The tax system for bituminous coal and LNG has been adjusted to be more advantageous for LNG power plants.
The transportation sector accounted for 29 per cent of total PM emissions in 2016. Diesel vehicles, construction machinery and ships are the main sources of emissions, accounting for over 90 per cent of the sector’s emissions. Central and local governments are limiting vehicle operations and implementing an automobile emissions rating system to reduce air pollution. The government classifies all vehicles into five grades based on pollutant emissions by age and fuel type. The Seoul Metropolitan Government designated Hanyang Doseong (downtown) as a green traffic promotion zone and restricts the operation of emission level five vehicles that emit a lot of fine dust in the area.
Fine dust and air pollution are transboundary issues that require regional cooperation. But in Northeast Asia, regional cooperation measures similar to the European Convention on Long-Range Transboundary Air Pollution are unlikely to be applied in the short term. In order to establish institutional multilateral cooperation, it is necessary to first recognise that regional cooperation is needed to solve the fine dust problem at the local, national and regional levels.
Various collaborative measures have already been arranged between China and South Korea. The two countries have carried out cooperative projects based on agreements signed between 1993–2019 including the Korea–China air quality joint research group and operation of a real-time sharing system of air quality information. Future efforts should be made to establish a joint action cooperation system.
The two countries need to establish an action system to reduce fine dust during high concentration seasons by establishing a network to actively share information on high concentration forecasts,…
China
2025 Schedule of Public Holidays in China
China’s 2025 public holiday schedule increases holidays by two days, with an 8-day Spring Festival and a 5-day Labor Day. Adjustments address public frustration, though long work periods persist. Notably, weekends are often designated as workdays to balance extended breaks.
China has released its 2025 Public Holiday schedule. Compared to 2024, the number of public holidays for all citizens has increased by two days, specifically for Lunar New Year’s Eve and May 2nd.
The announcement also clarifies the adjusted holiday arrangements, stating that the continuous work period before and after statutory holidays generally should not exceed six days, except for certain special circumstances.
According to the notice, in 2025, the Spring Festival will have an 8-day holiday, the Labor Day holiday will last 5 days, and the National Day and Mid-Autumn Festival will jointly have 8 days off.
China has long been considered one of the least generous countries in terms of public holidays. Additionally, people have expressed frustration over the complicated adjustments to holiday and working days that are meant to create longer breaks. The newly introduced changes are expected to address these concerns to some extent.
Beyond the newly introduced changes, China’s 2025 public holiday schedule still features two major week-long holidays: Spring Festival (also known as Chinese New Year) and the National Day holiday (often called ‘Golden Week’).
In 2025, the Spring Festival falls between January 28 and February 4, and the National Day holiday, together with the Mid-Autumn Festival, fall between October 1 and 8.
Foreign human resource managers should note that Saturdays and Sundays are often marked as additional official workdays in China to compensate for long holiday breaks. For example, January 26 (Sunday) and February 8 (Saturday) are designated as workdays to partially offset the eight days off for the Spring Festival.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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China
Black Myth: Wukong – how China’s gaming revolution is fueling its tech power
Black Myth: Wukong, a Chinese video game, could reshape global tech dominance by driving semiconductor innovation while showcasing China’s cultural influence and challenging Western technological supremacy.
It may sound far-fetched, but the future of global technology supremacy could hinge on a video game.
Black Myth: Wukong, China’s latest blockbuster, isn’t just breaking gaming records – it could be driving a critical shift in the global balance of technological power. What seems like just another action-packed video game is, in reality, a vital component in Beijing’s larger strategy to challenge Western dominance in the tech industry.
The game, released by Chinese company Game Science on Aug. 19, 2024, is based on the legendary 16th century Chinese novel “Journey to the West.” The novel tells the story of a monk, Xuanzang, who journeys to India in search of Buddhist scrolls. The monkey Sun Wukong protects the monk by confronting and battling various demons and spirits.
Black Myth: Wukong has captivated millions with its stunning visuals and storytelling. It quickly became a cultural sensation in China and abroad, attracting widespread attention and praise for its graphic fidelity and technological sophistication.
As global affairs scholars, we see that the game’s success goes beyond the number of downloads or accolades. It’s what this success is driving within China’s technology sector that has far-reaching consequences.
Video games and global power
For years, China has been playing catch-up in the tech race, particularly in the production of semiconductors – the tiny microchips that power everything from smartphones to advanced artificial intelligence systems. The United States has maintained its dominance in this field by limiting China’s access to the most advanced chip-making technology.
As of 2024, China has shifted away from its aggressive “wolf warrior” diplomacy to a more cooperative approach in order to rebuild international ties. The government has also issued mandates for companies like Huawei to develop domestic chips. However, China’s success in boosting semiconductor development and production using these approaches has been limited.
Historically, video games have played a significant role in driving technological innovation in the semiconductor industry. From the early days of the 8-bit Nintendo Entertainment System to the modern PlayStation 5, gaming has always pushed chipmakers to develop faster, more efficient processors and graphics processing units, or GPUs. The intense graphical requirements of modern games – high resolutions, faster frame rates and real-time rendering – demand the most advanced semiconductor technology. The development of advanced GPUs by companies like NVIDIA was directly influenced by the gaming industry’s needs.
Gamers require advanced processors to enjoy Black Myth: Wukong’s high-end visual and gameplay experience. Built using the state-of-the-art Unreal Engine 5 video game development tool, the game is a visual spectacle featuring lifelike graphics, seamless open-world environments and complex combat systems. The game is available for PlayStation 5 and PCs, and Game Science plans to release an Xbox version.
Black Myth: Wukong features rich visuals and intricate gameplay.
Courtesy of Sony Interactive Entertainment LLC
As Black Myth: Wukong sweeps across gaming platforms, it not only puts pressure on China’s semiconductor makers to build more and better chips, but it also reveals the vast market potential for high-performance hardware, especially for gaming PCs equipped with powerful GPUs. The game’s success showcases just how big the demand is.
Market analysts expect the Chinese video game industry to reach revenues of US$66.13 billion in 2024, compared with $78.01 billion in the U.S. Analysts predict the game will have annual sales of 30 million to 40 million copies in 2024.
China’s gaming industry has surged into a global powerhouse, yet it remains dependent on foreign-made chips. Coupled with the West’s restrictions on chip exports, Wukong has become a key catalyst for China’s semiconductor development, and domestic companies now face growing pressure to innovate.
This pressure aligns with Beijing’s broader technological ambitions. The government’s “Made in China 2025” plan calls for technological self-reliance, particularly in sectors like semiconductors, where China lags behind. And advanced GPUs haven’t been confined to the entertainment industry. They have become integral to advances in AI, including deep learning and autonomous systems.
Flexing China’s cultural muscle
While it might seem strange to link video games with geopolitics, Black Myth: Wukong is more than just entertainment. It’s a tool in China’s soft power arsenal. Soft power is nations influencing each other through cultural exports. For decades, the West, particularly the U.S., dominated global culture through Hollywood, music and video games.
Now, China is flexing its cultural muscle. The success of Black Myth: Wukong abroad, where it has been hailed as a game-changing title, is part of Beijing’s strategy to export its culture and technological prowess. Millions of gamers around the world are now being exposed to Chinese mythology, art and storytelling through a highly sophisticated digital medium.
‘China Stay Winning’ American YouTubers react enthusiastically to Black Myth: Wukong. (Audio NSFW)
But Black Myth: Wukong isn’t just a cultural triumph for China; it’s a warning shot. The country is taking advantage of its booming gaming industry to drive advances in a field that will define the future of technology. This game not only exports Chinese culture but also strengthens its tech base by accelerating the demand for domestic semiconductors.
While Black Myth: Wukong entertains millions, it also shows China’s growing influence in the digital realm. In the future, we might not look back at Black Myth: Wukong as just a successful video game, but as a catalyst that helped China close the technological gap with the West. Beijing is playing a long game, and video games like Black Myth: Wukong are turning out to be effective weapons.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
Business
News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
Asian markets showed mixed trends amid China’s stimulus measures and disappointing inflation data. Meanwhile, Indian equities remained stable, with mutual fund inflows rising. Bitcoin surged following Trump’s presidential win.
Business Hook Daily News Podcast
Good evening! Welcome to Business Hook’s daily news podcast. I’m Avni Raja, and today is November 11, 2024. Let’s dive into the day’s top business stories.
Market Reactions and Economic Data
Asian markets experienced a mixed session as investors digested new economic data and stimulus measures from China. The Chinese government announced a $1.4 trillion package targeting local government debt, although analysts deemed it underwhelming. October’s inflation rate of 0.3% fell short of estimates and declined for the second month in a row. As a result, the CSI 300 saw a slight gain, while Hong Kong’s Hang Seng dropped over 1.5%. In India, the Sensex closed below 74,500, and the Nifty ended above 24,100, with a majority of Nifty stocks declining.
Mutual Fund Inflows and Upcoming IPOs
There’s encouraging news in the mutual fund sector, with October seeing net inflows of 2.4 lakh crore rupees, reversing the previous month’s outflows. Record equity inflows have risen to nearly 42,000 crore rupees, reflecting robust domestic investor confidence. In the IPO space, LG Electronics prepares to raise $1.5 billion by listing its Indian arm, with banks like Axis Capital involved in the process, potentially leading to an IPO as early as 2025.
Cryptocurrency Surge
In cryptocurrency news, Bitcoin has achieved new highs, surpassing $82,000. This surge is attributed to Donald Trump’s recent presidential victory, which has favored cryptocurrencies compared to more cautious Democratic approaches. Experts speculate that Bitcoin could surpass $90,000 soon. That’s all for today’s wrap-up. Join us again tomorrow, and check out the Business Hook YouTube channel for more updates.
Source : News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000
- 2025 Schedule of Public Holidays in China
- Black Myth: Wukong – how China’s gaming revolution is fueling its tech power
- News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
- China’s Import-Export Trends 2024-25: A Thorough Analysis of the Initial 10 Months
- Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape
- China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy?
